Key Takeaways
- U.S. equities were mixed at midday with the market reacting to a strong report on the U.S. economy while awaiting the Federal Reserve's interest rate decision.
- Humana now expects a smaller decline in Medicare Advantage memberships that previously anticipated.
- Mondelez International said skyrocketing cocoa prices will hurt earnings.
U.S. equities were mixed at midday as the market responded to the U.S. economy growing more than expected in the second quarter while waiting for today’s decision by the Federal Reserve on interest rates. The S&P 500 and Nasdaq gained, but the Dow Jones Industrial Average fell.
Humana (HUM) shares advanced after the health insurer boosted its guidance and reported better-than-expected results as it sees a smaller decline in Medicare Advantage membership this year than previously believed.
Shares of Hershey (HSY) rose when the chocolate, candy, and snacks maker also beat profit and sales estimates on high Easter and pre-Halloween demand for its treats.
VF Corp. (VFC) shares took off after the parent of North Face, Vans, and Timberland brands surprised analysts with flat revenue and a smaller loss, raising confidence the company's turnaround plan is working.
Old Dominion Freight Lines (ODFL) shares were driven down when the freight delivery firm missed earnings and revenue forecasts, which it blamed on ongoing softness in the U.S. economy.
U.S.-listed shares of Novo Nordisk (NVO) continued their slide on a downgrade from Bank of America. That came after the drugmaker warned about weakening sales of its blockbuster weight-loss drug, Wegovy, and named a new CEO.
Mondelez International (MDLZ) shares declined when the maker of Oreo Cookies and Ritz Crackers posted a drop in North American sales and said profits will be hurt by the soaring price of cocoa.
Oil and gold futures climbed. The yield on the 10-year Treasury note moved higher. The U.S. dollar was up on the euro, pound, and yen. Trading in most major cryptocurrencies was higher.
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